Business Publication Of The Year

USED car marketplace CarGurus has signed an agreement to buy motoring website PistonHeads from Haymarket Media Group.

The site, founded in 1999 as a forum to discuss TVRs, was sold to Haymarket in 2007, by which time it had become a leading online automotive platform.

The news was posted on the PistonHeads website today, with CarGurus saying it wanted to use the comments on the announcement as a form of guidance to understand what the vast community at PistonHeads wanted to see from the site.

The decision to buy PistonHeads has been made as part of CarGurus’ ambition for UK growth, just three years on from its introduction to this market in 2015. The announcement also stated that dealership listings will now be visible across CarGurus platforms, including the motoring website, increasing the value of listing stock on its marketplace.

‘For dealers in the UK, this combination will make CarGurus an even more compelling platform that can help them connect with a larger audience of used car buyers at an attractive ROI.’

CarGurus chief executive Langley Steinert added: ‘PistonHeads is one of the UK’s most trusted and influential digital motoring brands, and we see it as a perfect fit with our own consumer-centric model and pioneering ethos.

‘We look forward to applying CarGurus’ engineering expertise to unleash the full potential of the platform, while staying true to what makes PistonHeads so special to millions of motoring enthusiasts and car-buyers in the UK.’

Haymarket CEO Kevin Costello said: ‘Over the past 18 months, we have invested significantly in our new and nearly-new car offer. The What Car? New Car platform is our primary focus as we continue to develop our New Car buying technology further.

‘It is important that PistonHeads has a home with a company that can advance its unique place in the used car marketplace. CarGurus is well placed to make the important investments that will continue the rapid growth that PistonHeads has enjoyed under our ownership. I have no doubt the brand will be in good hands.’

The proposed sale, for an undisclosed sum, is expected to be finalised in early 2019, subject to certain conditions.